prepare a balance sheet , income statement and retain earings statement please. Income statement and retained earnings statement.B2 Corporation's capital structure consists of 50,000 shares of common stock. At December 31,2017 an analysis of the accounts and discussions with company officials revealed the followinginformation:Sales revenueDiscontinued operations loss (net of tax)Selling expensesCashAccounts receivableCommon stockCost of goods soldAccumulated depreciation-machineryDividend revenueUnearned service revenueInterest payableLandPatentsRetained earnings, January 1, 2017Interest expenseAdministrative expensesDividends declaredAllowance for doubtful accountsSalary PayableNotes payable (maturity 7/1/20)MachineryInventoryAccounts payable$1,250,00063,000128,00060,00090,000200,000700,000180,0008,0004,4001,000370,000100,000270,00017,000170,00024,0005,000106,500200,000450,00040,00060,000The amount of income taxes applicable to income was $72,900, excluding the tax effect of thediscontinued operations loss which amounted to $27,000.

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FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

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prepare a balance sheet , income statement and retain earings statement please.

Income statement and retained earnings statement.
B2 Corporation's capital structure consists of 50,000 shares of common stock. At December 31,
2017 an analysis of the accounts and discussions with company officials revealed the following
information:
Sales revenue
Discontinued operations loss (net of tax)
Selling expenses
Cash
Accounts receivable
Common stock
Cost of goods sold
Accumulated depreciation-machinery
Dividend revenue
Unearned service revenue
Interest payable
Land
Patents
Retained earnings, January 1, 2017
Interest expense
Administrative expenses
Dividends declared
Allowance for doubtful accounts
Salary Payable
Notes payable (maturity 7/1/20)
Machinery
Inventory
Accounts payable
$1,250,000
63,000
128,000
60,000
90,000
200,000
700,000
180,000
8,000
4,400
1,000
370,000
100,000
270,000
17,000
170,000
24,000
5,000
106,500
200,000
450,000
40,000
60,000
The amount of income taxes applicable to income was $72,900, excluding the tax effect of the
discontinued operations loss which amounted to $27,000.

Definition Definition Financial statement that provides a snapshot of an organization's financial position at a specific point in time. It summarizes a company's assets, liabilities, and shareholder's equity, detailing what the company owns, what it owes, and what is left over for its owners. The balance sheet serves as a crucial tool to assess the financial health and stability of a company, as well as to help management make informed decisions about its future investments and financial obligations.

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